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Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2011 GAAP Net Income Attributable to the Company of $13.1 million, compared to GAAP Net Income of $11.7 million in the third quarter of 2011. BPFH reported fourth quarter diluted earnings per share of $0.15 compared to diluted earnings per share of $0.14 in the third quarter of 2011.
For the full year of 2011, BPFH reported GAAP Net Income Attributable to the Company of $39.1 million, compared to a GAAP net loss of $11.0 million for the full year of 2010. BPFH reported diluted earnings per share of $0.46, compared to a $0.29 loss per share for 2010.
“Our fourth quarter results show continued progress with our plan to return the Company to sustainable and acceptable profitability,” said CEO and President Clayton G. Deutsch. “We continue to drive improvements in asset quality, and our overall restructuring program remains on track. As we have made headway with our restructuring program, we are increasingly focused on growth. Our recent fourth quarter loan growth trajectory in all of our markets is encouraging. ”
Revenue Down Slightly in Low Rate Environment
Net Interest Income in the fourth quarter was $44.1 million, down 2% from $45.1 million in the third quarter of 2011. For the full year of 2011, Net Interest Income was down 1% to $178.9 million. Fees and Other Income for the quarter decreased slightly to $31.2 million, from $31.4 million in the third quarter of 2011. For the full year of 2011, Fees and Other Income increased 12% to $125.0 million.
Net Interest Margin was 3.17% in the quarter, down eight basis points from the third quarter of 2011. For the full year of 2011, Net Interest Margin was 3.25%, down five basis points from the full year of 2010.